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Joining crowd, PPM launches vulture fund
PPM America, the U.S. investment arm of one of Europe's largest institutional investors, Prudential Corp. of Britain, plans to launch a new $473 million fund to focus on distressed debt and equity opportunities. Prudential, which has no relation to the U.S. insurer of the same name, joins a crowded field that includes T. Rowe Price, Apollo Advisors, Oak Tree Capital, Rothschild and Foothill Capital-all of whom have either just closed on new distressed funds or are bringing one to market.
Source: Investment Dealers Digest, 01/12/1998
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